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UPDATE The Royal Malaysian Customs Department (JKDM) on Monday announced the cancellation of government proposals to impose the implementation of Goods and Services Tax (GST) on over 60 foods. Datuk Subromaniam Tholasy said the cancellation was made after a discussion with the Ministry of Finance to get feedback on the proposal. “We seek cooperation from all…

GST Tax Codes in Malaysia are defined as recommended code listings in order to allow proper classification of different purchase and supply transactions and these codes are based on common scenarios that are commonly encountered by GST registered companies in Malaysia. The GST Tax Codes for purchase are as the following. TX 6% TX 6%…

Goods and Services Tax (GST) is a multi-stage tax imposed by the Malaysian Government on most of the business transactions that take place in Malaysia. The Goods and Services Tax is collected based on the value added during each stage of the supply distribution chain. Furthermore, imported goods and services are also imposed with Goods…

Taxpayer Access Point (TAP) is an online portal that allows taxpayers like you and me to manage our taxes by providing an easy and convenient way to update our account information as well as file our and Services Tax Bill (GST) returns in the near future. The official slogan for TAP is A Better Tax…

Upon GST implementation, Malaysians have taken their bills seriously and perhaps now noticed there is a service charge on their bills. Ironically, many Malaysians do not know that this charge was implemented long ago and has taken rants on social media. Service Charge has long been implemented by Restaurants, Hotels and Industry which provides services…

Good news, Domestic Trade, Cooperatives and Consumerism Ministry (KPDNKK) with corroboration of Mimos has released a smartphone app where buyers can check GST item prices before buying them. With just 3 steps, buyers can check for over 10,000 goods price. Having tested, the App supports many household products such as basic food items, diapers, processed…

Upgrading your business accounting software to a one that is compliant with GST may not be an easy solution. At the time of writing there are around 300 local and foreign softwares which are GST compliant and is approved by Royal Custom Department of Malaysia. A GST compliant software will help a business tracking and…

The Malaysian Government has finally released the finalised GST exemption list. This list of zero rated GST items will not be subjected to GST when it will be implemented on 1st April 2015. The Goverment has previously maintained that basic food items, education, healthcare and medical will not be subjected to GST. During the Budget 2015…

Fuel Prime Minister Datuk Seri Najib Razak who is also the finance minister has announced that Ron 95 , Diesel and LPG will be exempted from GST implementation as part of his Budget 2015 speech at Dewan Rakyat today. This move is to ensure that the implementation of GST will not burden the rakyat after recent…

New car prices are expected to be cheaper after the implementation of GST according to Malaysia Automotive Institute (MAI). Currently new cars are subjected to 10% sales and service tax but this will be replaced with GST which is 6%. This may indirectly reduce new car prices with lower sales tax however it will be very…

One of the frequently most asked question for GST implementation is whether the income from property rentals are GST taxable. As a rule of thumb, Malaysian Royal Custom department has clarified that there are no GST charges for residential rental of properties however a standard 6% GST may be chargeable for commercial use rented properties. This means…

All business that has sales turnover RM 500,000 or more will have to register for GST before 31st December 2014 while business with revenue less than RM 500,000 will have voluntary option for registration. The registration needs to be done with Malaysian Custom Department. According to Customs Department Senior Assistant Director Chin Jek Bik, failing to do…

There has been a lot of questions lately with regards to which items that are taxable to GST. To understand the answer to this question, we will have to take a look on how GST works. Basically under the proposed GST Bill, all company with yearly revenue of RM 500,000 or more is required to…

Kuala Lumpur: Tens of thousands GST critics has hit the street of Kuala Lumpur during the recent Labour Day on last Thursday. The recent hike is cost of living and the implementation of unpopular consumption tax GST has forced demonstrators to take the street. Protesters came in as early as 7am to take part in…

GST or Goods and Services tax or Value Added Tax is a consumption based tax charged on all taxable supply of goods. There are a few “Zero Rated Supply” group of items is exempted from GST which includes Basic food items (flour,rice) Public Transportation Healthcare and education Malaysian government has long proposed the current…